PHI Group has reported that it has signed an agreement to acquire a 50.90% equity ownership in Pacific Petro Commercial JSC (aka Pacific Petro Trading Corp.).
Pacific Petro is engaged in liquefied petroleum gas (LPG) packaging and distribution in Southern Vietnam.The final sale and purchase price will be determined by the majority shareholders of Pacific Petro and PHI Group following the completion of a PCAOB-qualified audit of Pacific Petro’s financial statements and a valuation of its business by independent reputable auditing and valuation firms.
Pacific Petro owns a gas canister-manufacturing factory on a 215 200 ft2 lot in Ben Cat District, Binh Duong Province and a gas filling plant on a 65 600 ft2 lot in District 9, Ho Chi Minh City, Vietnam. Additionally, the company has acquired a 93 600 ft2 lot in Go Dau Industrial Park, Dong Nai Province to build a proprietary LPG storage area and has been granted 83 acres of land in Phu Huu Village, Nhon Trach District, Dong Nai Province to build an integrated port for imports of energy-related commodities and products.
In 2015 Pacific it recorded US$19 491 800 in revenues and US$523 400 (unaudited) in net profits.
Edited from press release by Angharad Lock
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/04022016/phi-group-to-acquire-majority-interest-in-lpg-company-2373/